Tag: UPI

UPI dominates as India records 88 bn payment transactions, valued at Rs 150 tn in 2022.

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New Delhi: Led by Unified payments interface (UPI), payment modes like debit and credit cards, prepaid payment instruments – mobile and prepaid cards processed 87.92 billion transactions worth Rs 149.5 trillion in 2022, a report showed on Monday.
The UPI Person-to-Merchant (P2M) and Person-to-Person (P2P) are the most preferred payment modes among consumers with a market share of 40 per cent and 44 per cent, respectively, in terms of transaction volume (UPI was 84 per cent in total).
In 2022, UPI clocked over 74.05 billion transactions in volume and Rs 126 trillion in terms of value, according to the report by Worldline, a global leader in payment services.

The average ticket size (ATS) for UPI P2P transactions was Rs 2,753 and ATS for UPI P2M transactions was Rs 687 (by December 2022).
However, in terms of value, UPI P2M accounted for 18 per cent share whereas UPI P2P accounted for 66 per cent of digital transactions, according to the report.
Payment through credit and debit cards accounted for 7 per cent in volume and 14 per cent in value.
“The adoption of multiple payment solutions is a boon in our journey to realise the dream of a less-cash India,” said Ramesh Narasimhan, CEO, Worldline India.
For UPI, the transaction volume and value almost doubled since last year as it recorded a 91 per cent increase in volume and over 76 per cent increase in value in 2022 as compared to 2021.

As of December 2022, the total number of POS terminals deployed by merchant acquiring banks crossed the 7.55 million mark – a 37 per cent YoY growth.
The total number of credit and debit cards in circulation by the end of 2022 was 1.02 billion, the report showed.
In 2022, credit cards volume and value stood at 2.76 billion and Rs 13.12 trillion respectively.
The debit card transactions volume and value stood at 3.64 billion and Rs 7.4 trillion, respectively.
By December 2022, the number of prepaid payment instruments was 16.23 billion. Out of which, 13.34 billion were wallets and 288.8 million were cards, said the report.
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( With inputs from www.siasat.com )

April 17, 2023
Do customers have to pay transaction fees for UPI payments?

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The National Payments Corporation of India (NPCI) has announced that beginning April 1, an interchange charge of up to 1.1% would be levied on merchant UPI (Unified Payments Interface) transactions.
According to a recent circular from the NPCI, utilising Prepaid Payment Instruments (PPIs) for UPI transactions would incur an interchange fee. If the transaction exceeds 2,000, fees will be applied.
The interchange charge varies depending on the kind of retailer. It ranges from 0.5% to 1.1%, with a limit in place in specific areas.
According to a statement released today by NPCI, the new charge is exclusively applicable to merchant transactions done using prepaid payment instruments. The payments authority stressed that there will be no costs charged on conventional UPI transfers, dubbed “bank account-to-bank account based UPI payments.”
The interchange charge for telecom, education, and utilities/post office is 0.7%, while the fee for supermarkets is 0.9% of the transaction amount. Insurance, government, mutual funds, and railways will be charged 1%, fuel 0.5%, and agricultural 0.7.
The charges will be applicable from April 1.
In the event of peer-to-peer (P2P) and peer-to-peer-merchant (P2PM) transactions, exchange will not be used. PPP issuers will be asked to pay a wallet-loading charge of 15 basis points (bps) to the remitter bank for transactions above 2,000.
The NPCI will evaluate the price on or before September 30, 2023.

In August of last year, the Finance Ministry announced that UPI is a digital public benefit and that no fees will be levied on transactions done through it.
“UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means,” the ministry tweeted.
The Govt had provided financial support for #DigitalPayment ecosystem last year and has announced the same this year as well to encourage further adoption of #DigitalPayments and promotion of payment platforms that are economical and user-friendly. (2/2)
— Ministry of Finance (@FinMinIndia) August 21, 2022
The announcement came after the RBI released a discussion paper in which it stated that UPI, as a fund transfer system, is similar to IMPS (Immediate Payment Service), and so costs in UPI might be equivalent to those paid on IMPS fund transfers.

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( With inputs from www.siasat.com )

March 29, 2023
UPI Transaction Limit: Can only 20 transactions be done in a day

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UPI Transaction Limit: Can only 20 transactions be done in a day from UPI? know details

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UPI Transaction Limit: UPI (Unified Payments Interface) is at the forefront of online transactions. The use of UPI has increased very fast for any purchase or transaction and it is so easy. Small to big transactions done in just a few clicks.
We have become so dependent on UPI Payment Apps for our every transaction that we do many transactions in a day and then it is known that we have crossed the day’s transaction limit. But what is the transaction limit of UPI in a day? This question often comes in front of the customers and now it has been raised in the Parliament as well.
Question raised in Parliament regarding UPI Transaction Limit
Lok Sabha MP Dushyant Singh asked in a written question in Parliament whether there is any limit on the number of online transactions that can be done through a bank on UPI payment apps like Paytm, Google Pay and PhonePe in a day? Along with this, he asked some more questions, such as what are the details of this limit rule, what are the reasons for it? Do public sector banks only apply this limit? Will this hinder the Digital India mission or will the government consider removing these rules?
What was the government’s reply on UPI Transaction Limit?
Minister of State for IT Rajeev Chandrasekhar said that yes there is a limit on the number of online payments or transactions that can be done through the bank in a single day on the use of UPI payment. According to the latest guidelines issued by NPCI (National Payment Corporation of India) on January 10, 2023, only 20 transactions can be done in a 24-hour period from a bank account in P2P ie person-to-person category.
In which the time of the first transaction will be considered as the starting time. This limit has been fixed to protect the customer from possible financial fraud and to comply with the standards for the use of UPI.
In his written reply, the Union Minister said that this limit is applicable to public sector banks including member banks in the UPI UCO-system. The UPI limit is revised from time to time by NPCI to increase customer adoption of UPI and increase the penetration of digital payments.

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( With inputs from : kashmirpublication.in )

March 16, 2023
J&K Bank: Big Update Regarding JK Bank’s Mpay, e-Banking, UPI Services- Check Here – Kashmir News

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Jammu & Kashmir Bank: Big Update Regarding JK Bank’s Mpay, e-Banking, UPI Services
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Notice: Dear Customer, Our e-Banking, Mpay, UPI and NEFT/RTGS services will not be available from 01:00 hrs to 03:00 hrs on 23.02.2023 due to maintenance activity. Inconvenience caused is regretted. J&K Bank
Massive earthquakes can hit these parts of India any time, warns NGRI- Details Here

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( With inputs from : kashmirnews.in )

February 22, 2023
Singapore residents can now transfer money to India through UPI

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Singapore residents can now transfer money to India through the Unified Payments Interface (UPI) starting today. This move is expected to ease the money transfer process for Singaporean residents who have family and friends in India.
The UPI is a real-time payment system developed by the National Payments Corporation of India (NPCI) that allows users to transfer money instantly between bank accounts via a mobile device. With this new feature, Singaporeans will be able to transfer money to any UPI ID or bank account in India using their mobile phones.
According to the Times of India, the Singaporean High Commission in India and the NPCI have collaborated to enable this new service. Singaporean residents will need to download the UPI app and register for the service. They can then link their bank accounts to the UPI app and start transferring money to India.
This move is expected to have a positive impact on the remittance market in India. India is one of the world’s largest recipients of remittances, with an estimated $83 billion in remittances in 2020, according to the World Bank. Singapore is also a major source of remittances to India, with an estimated $6.5 billion in remittances in 2020.
By enabling Singaporean residents to transfer money to India through UPI, the process is expected to be faster, cheaper, and more convenient for both the sender and the recipient. This could potentially lead to an increase in remittances to India from Singapore.
This move also highlights the increasing collaboration between India and Singapore in the fintech space. The two countries have been working together to promote digital payments and fintech innovation. In 2018, the NPCI signed a memorandum of understanding with the Monetary Authority of Singapore to collaborate on digital payments and fintech innovation.
In conclusion, the new feature allowing Singapore residents to transfer money to India through UPI is a welcome move that is expected to have a positive impact on the remittance market in India. With faster, cheaper, and more convenient money transfers, this could potentially lead to an increase in remittances from Singapore to India. This move also highlights the increasing collaboration between India and Singapore in the fintech space.
(With inputs from agencies)

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( With inputs from www.siasat.com )

February 21, 2023